What is Executive Search?
What are the Core Responsibilities of an Executive Research Consultant?
- Attending client briefings on site, gathering requirements from the client.
- Implementing search techniques and identifying relevant pools of talent, using internal databases and market mapping techniques.
- Working closely with internal teams devising appropriate search strategy.
- Approaching prospective candidates identified for the search, creating a long list.
- Interviewing, meeting and qualifying candidates against the client brief, creating a short list.
- Briefing clients on the relevant candidates short list.
- Managing the interview process, including offer negotiations.
- Highlight areas for business improvement and work with the Client Services Director / Sales Director to implement enhancements to the client. Often this is done on a ‘retained’ basis, where the executive search firm is paid partially up front for the search (often 50% up front and 50% on completion of the assignment).
How do Executive Search Companies make Money?
The ‘fee’ for a search is usually 30% of the candidate’s first year salary, not including bonus. For example, if a candidate was offered and accepted a role at £200k per annum, the firm would charge £60k to implement enhancements to the client.
What Can I Expect to Earn?
New graduates can expect to be paid a basic salary between £23k-£30k. You can also expect to earn commission and/or bonus, bringing your total earnings to £35k-£50k year 1. By year 3, you can expect to be earning £75k-£100k.
What do Executive Search Firms look for in Candidates?
- A 2.1 degree from a top 10 University, with a minimum of a AAA at A level.
- Great communication skills and the ability to network internally and externally.
- High levels of attention to detail.
- Solid analytical skills.
- Someone who thrives on working to targets/deadlines.
- MARKET MAPPING: identifying talent by company, job role or department and then profiling them.
- RETAINER: A fee paid in advance in order to initiate a search on behalf of a client.
- C-LEVEL: High-ranking executive titles within an organisation, usually beginning with “chief” (eg) Chief Executive Officer.
- LONG LIST: an initial list of candidates who fit the search profile.
- SHORT LIST: a list of qualified candidates who are interested in the role.
- OTE: On Target Earnings (base salary +commission and/or bonus).
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